How Not to Save Money (Why Some “Helpful” Tips are Actually Harmful)

Everyone has financial advice for others. Even if it’s well-meaning, that doesn’t automatically make it helpful or wise. It’s easy to criticize how someone handles their money from the outside. But sometimes advice to cut back on certain expenses can make things even worse, or simply not address the root causes of your financial issues. Here are poor money-saving tips to avoid, and how to turn them around into wise strategies.

Don’t Sell Stuff You Regularly Use

Unless it’s something you haven’t used in years, don’t sell your possessions just to make your rent. If you plan on using an online marketplace to sell your items, make sure you won’t regret the decision. Computers, televisions, phones, and any other electronics or hobby supplies are more expensive to replace than they’re worth to sell.

Coffee Doesn’t Kill Your Budget

The famous tip of not buying a coffee every day is overrated. If you’re really struggling for money, then this minor expense is unlikely to make an impactful dent in your budget. Look at your overall financial picture and identify the areas that could have the biggest impact on making room in your budget each year. You still deserve to use some money to treat yourself, since living minimally can increase stress and affect mental health. Don’t feel guilty about small splurges that fit into your overall budget!

Replacing Your Phone is Okay

This depends on the kind of phone you’re buying, since a slightly upgraded version of your old phone is different from trying to keep up with the latest iPhone. However, buying a new phone can sometimes be a necessary expense. Don’t let people chastise you for something that the rest of the world needs you to use. Especially don’t let anyone shame you for buying a smartphone over a basic call-and-text-only flip phone. Smartphones aren’t just a calling and texting device. They’re a small computer in your pocket, with an alarm clock, a calendar and planner, a watch, a GPS device, and so much more. You could even start your own side hustle business through your phone. Just make sure any new purchase fits in with your overall budget.